The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law by President Trump on March 27th, is the largest stimulus package in history. The Act unlocks $2 trillion in funds for American individuals and businesses impacted by COVID-19.
Here’s what the Act includes to help stimulate charitable giving:
- An above-the-line deduction for a “Qualified Charitable Contribution” of up to $300 for non-itemizers is available for cash contributions made to charities (excluding donor-advised funds and supporting organizations) for the 2020 tax year and beyond.
- For cash contributions to charities (excluding donor-advised funds and supporting organizations) made in 2020, the AGI limit is increased from 60% to 100%, with a 5-year carryforward for contributions that exceed 100% of AGI.
For more information, visit the U.S. Department of the Treasury website.